Singapore Morning News For September 6

PM Lee will nominate Tan Chuan-Jin as Speaker, Desmond Lee to be Minister at MSF
Prime Minister Lee Hsien Loong will nominate Mr Tan Chuan-Jin as the new Speaker of Parliament when the House convenes next Monday, announced the Prime Minister’s Office (PMO) in a statement on Tuesday (Sep 5).
— Channel NewsAsia

Six IP insurers stung by underwriting losses as claims surge
FOR the first time in 12 years since the market’s first as-charged Integrated Shield Plan (IP) was rolled out, the insurers all clocked underwriting losses in 2016, despite hikes in IP and rider premiums.
— The Business Times

Singapore state bodies to merge to help businesses go global
International Enterprise (IE) Singapore and SPRING Singapore, statutory boards of the Singapore government that operate as business development agencies, are merging to form Enterprise Singapore. The new organisation will aid Singaporean businesses to grow and internationalise.
— DealStreetAsia

MOF to move bill on 2 proposed property tax changes
THE Finance Ministry (MOF) will proceed with two proposed changes in the Property Tax (Amendment) Bill 2017 following a public consultation in May.
— The Business Times

Higher diabetes risk from eating meat: Study
Eating meat every day puts ethnic Chinese adults at increased risk of diabetes, a study here has found, echoing research that has mainly been conducted on Westerners so far.
— The New Paper

More agile entity for local businesses with merger of IE Singapore, Spring
SPRING Singapore and International Enterprise (IE) Singapore have both done good work, but homegrown enterprises will be better supported in this dynamic economic environment through the merger of these two agencies, which can then build on their respective strengths under one banner.
— The Business Times

‘A more aggressive’ SBF brings business bodies together to help local firms grow
TAKING the cue from a recommendation of the Committee on the Future Economy, the Singapore Business Federation (SBF) has roped in 30 trade associations and chambers of commerce (TACs) to form an alliance to better support local enterprises to grow.
— The Business Times

Singapore can learn, benefit much from China’s growth
The recent developments in China, including the Belt and Road Initiative (BRI), provide some points to ponder over (S’pore in ‘a position to benefit’ from Belt and Road push; Aug 29).
— The Straits Times (paywall)

Explore upcoming tech changes with ST’s Smart Nation microsite
Did you know that agencies are working on a mobile application that will consolidate transport options in Singapore and help commuters plan for complete journeys – down to that last stretch from the train station to the doorstep?
— The Straits Times (paywall)

Singapore Will Become Even More Hot ICO Destination After ICO Ban in China
Singapore is predicted to become one of top destinations for Blockchain companies to launch an Initial Coin Offering (ICO). A number of factors such as tax-friendly regulations, light-touch rules, and state funding allowed the city-state to be a hub for startups and a place where a number of successful ICOs were held in the past.
— CoinSpeaker

Singapore, Asia ops ‘not affected’ by Bell Pottinger scandal
AS a storm gathers around the global public relations (PR) firm, Bell Pottinger said that its operations in Singapore and Asia remain unaffected.
— The Business Times

Protecting yourself against losing money on home renovations
In constructing her dream home, Ms Yan did not hold back. She paid S$1 million to build a terrace house with premium materials. She even gave the contractor 10 per cent in advance to earn some goodwill as the works started near Chinese New Year. Six years on, the freelance loan specialist is still grappling with defects.
— Channel NewsAsia

Singapore’s Start-up Ecosystem – Part II: Opportunities for Overseas Entrepreneurs
In the first article of this three-part series on Singapore’s start-up ecosystem, we discussed the factors behind the city-state emerging as a preferred base for international entrepreneurs. In this second article, we look at the opportunities that Singapore offer young overseas entrepreneurs.
— Asean Briefing

Ground handlers at Changi Airport to get smart glasses to help speed up operations
Airline passengers at Changi Airport could see shorter waiting times for their flights after SATS – the airport’s largest ground handler – introduces augmented reality (AR) glasses across its ramp handling operations.
— Channel NewsAsia

Two more suspects arrested for cheating shipping firm of S$1.5m using fake notes
The police have arrested a man and a woman for allegedly being involved in a ploy to purchase a vessel using counterfeit notes, they said on Tuesday (Sep 5).
— Channel NewsAsia

MOU inked to develop Singapore’s pharma manufacturing sector
The Agency for Science, Technology and Research (A*STAR), the National University of Singapore (NUS) and three pharmaceutical companies inked a Memorandum of Understanding on Tuesday (Sep 5) to mark the launch of an initiative to develop the country’s pharma manufacturing sector.
— Channel NewsAsia (video)

Govt to co-fund projects to spruce up precincts
Businesses and other stakeholders with ideas to spruce up a precinct may get up to S$500,000 annually in co-funding from the Government under a new pilot programme, Minister for National Development Lawrence Wong announced yesterday.
— Today Online

Enterprise Singapore to help firms develop capacity, go global
As companies no longer have the luxury of learning to walk at home before running overseas, the Government has set up a new agency to speed up their growth process.
— The Straits Times (paywall)

For some, high cholesterol could all be in the genes
If a heart-friendly lifestyle and prescribed medication such as statins are not enough to keep cholesterol levels in check, the answer may lie in one’s genes.
— Today Online

Community care sector gets S$12m boost to attract talent
The Ministry of Health (MOH) will invest close to S$12 million over the next four years to attract more new entrants to join the community care sector, and support current staff in developing their careers, said Senior Minister of State for Health Amy Khor yesterday.
— Today Online

Widodo to visit Singapore to celebrate 50 years of ties
Indonesian President Joko Widodo will make a two-day visit to Singapore starting today for a Leaders’ Retreat with Prime Minister Lee Hsien Loong, as both countries celebrate five decades of bilateral ties.
— Today Online

Singapore: GIC to buy 30% stake in aircraft manager BBAM
Singapore’s sovereign wealth fund GIC said on Tuesday it would buy a 30 percent stake in BBAM, the world’s largest manager of investments in leased commercial jets.
— DealStreetAsia

Singapore: Manulife US REIT acquires New Jersey office property for $332m
Manulife US REIT, a pure-play US office real estate investment trust (REIT), is planning the acquire an office property asset in New Jersey for a consideration of $332 million ($450.1 million).
— DealStreetAsia

Irvine-based college counseling service expands to Singapore to target growing Asian market
Collegewise, an Irvine-based college counseling organization, has announced its acquisition by a Singaporean company and plans to open an office there to target a growing number of Asian students aspiring to study in the U.S.
— The Orange Country Register

Feature photo Choo Yut Shing
Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

Singapore morning news by AEC News Today is your one stop source for Singapore news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies not politics.

Singapore Morning News For September 6 added by Leakhena Khat on September 6, 2017
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Leakhena Khat

Leakhena is a junior journalist at AEC News Today who is also currently studying International Relations, which she finds adds perspective to her work reporting on the Asean Community.

“I love what I am doing so much as it gives me a lot of great experience and provides challenges to my mind.